
	Interest Rate(a)	Maturity Date	2021		2020
			(In millions)
Mortgage bonds, notes, and other
DTE Energy Debt, Unsecured	2.1%	2022 — 2030	$	5,555	$	8,175
DTE Electric Debt, Principally Secured	3.7%	2022 — 2051	8,988		8,308

DTE Gas Debt, Principally Secured	3.9%	2023 — 2051	2,065		1,910

			16,608		18,393
Unamortized debt discount			(23)		(25)
Unamortized debt issuance costs			(90)		(104)
Long-term debt due within one year			(2,866)		(462)
			$	13,629	$	17,802




Junior Subordinated Debentures
Subordinated Debentures	4.8%	2077 — 2081	$	910	$	1,210
Unamortized debt issuance costs			(27)		(35)
			$	883	$	1,175


	Interest Rate(a)	Maturity Date	2021		2020
			(In millions)
Mortgage bonds, notes, and other
Long Term Debt, Principally Secured	3.7%	2022 — 2051	$	8,988	$	8,308


Unamortized debt discount			(19)		(16)
Unamortized debt issuance costs			(62)		(56)
Long-term debt due within one year			(316)		(462)
			$	8,591	$	7,774


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage bonds(a)	1.90%	2028	$	575
DTE Electric	March	Mortgage bonds(a)	3.25%	2051	425
DT Midstream	June	Senior notes(b)	4.125%	2029	1,100
DT Midstream	June	Senior notes(b)	4.375%	2031	1,000
DT Midstream	June	Term loan facility(b)	Variable	2028	1,000
DTE Gas	November	Mortgage bonds(c)	2.07%	2031	60
DTE Gas	November	Mortgage bonds(c)	2.85%	2051	95
DTE Energy	November	Junior subordinated debentures(d)	4.375%	2081	280
					$	4,535

(a)Bonds were issued as Green Bonds and the proceeds will be used to finance qualified expenditures for solar and wind energy, payments under power purchase agreements for solar and wind energy, and energy optimization programs.

(b)Proceeds used for the repayment of short-term borrowings due to DTE Energy to facilitate the separation of DT Midstream, as well as a one-time special dividend provided to DTE Energy. The debt was transferred to DT Midstream upon its separation on July 1, 2021. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information and to the Debt Redemptions section below for DTE Energy's use of the proceeds received from DT Midstream.

In September 2021, DTE Electric completed a mandatory remarketing of $82 million of 1.45% Tax-Exempt Revenue Bonds at the same rate of 1.45% until maturity in 2030 and $59 million of 1.45% Tax-Exempt Revenue Bonds at a rate of 1.35% until maturity in 2029.


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	April	Mortgage bonds	3.90%	2021	$	250
DTE Electric	May	Mortgage bonds	7.00%	2021	33
DTE Energy	June	Junior subordinated debentures(a)	5.375%	2076	300
DTE Energy	July	Senior notes	3.30%	2022	300
DTE Energy	July	Senior notes	2.60%	2022	300
DTE Energy	July	Senior notes	3.70%	2023	600
DTE Energy	July	Senior notes	3.85%	2023	135
DTE Energy	July	Senior notes	3.50%	2024	350
DTE Energy	July	Senior notes	3.80%	2027	350
DTE Energy	July	Senior notes	3.40%	2029	21
DTE Energy	July	Senior notes	6.375%	2033	191
DTE Energy	August	Senior notes	3.85%	2023	165
DTE Energy	August	Senior notes	6.375%	2033	209
DTE Electric	August	Mortgage bonds	6.90%	2021	38
DTE Energy	December	Junior subordinated debentures(a)	6.00%	2076	280
					$	3,522

(a)Early redemptions and the write-off of unamortized issuance costs resulted in a total loss on extinguishment of debt of $17 million for the year ended December 31, 2021, including $8 million for the June redemption and $9 million for the December redemption.

During the third quarter 2021, DTE Energy optionally redeemed $2.6 billion of Senior Notes included in the table above using proceeds from DT Midstream's repayment of short-term borrowings and one-time special dividend. To early retire this debt and reduce future interest expense, DTE Energy incurred prepayment costs of $361 million and wrote off $15 million of unamortized issuance costs and discounts related to the debt. These amounts have been included within the Loss on extinguishment of debt line item within the Consolidated Statements of Operations for the year ended December 31, 2021.


	2022		2023		2024		2025		2026		2027 and Thereafter		Total
	(In millions)
DTE Energy(a)	$	2,866	$	277	$	1,075	$	1,220	$	777	$	11,302	$	17,517
DTE Electric	$	316	$	202	$	400	$	350	$	177	$	7,543	$	8,988


	2022		2023		2024		2025		2026		2027 and Thereafter		Total
	(In millions)
DTE Energy(a)	$	575	$	548	$	529	$	494	$	450	$	7,510	$	10,106
DTE Electric	$	330	$	322	$	305	$	292	$	284	$	4,222	$	5,755

_______________________________________

DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2021, no interest payments have been deferred on the Junior Subordinated Debentures.

Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.

In December 2019, DTE Energy closed on the purchase of midstream natural gas assets. The acquisition was financed through the issuance of Senior Notes, common stock, and $1.3 billion of equity units. Each equity unit has a stated amount of $50 and was initially issued in the form of a Corporate Unit, comprised of (i) a forward purchase contract to buy DTE Energy common stock (stock purchase contract) and (ii) a 1/20 undivided beneficial ownership interest in a $1,000 principal amount of DTE Energy’s 2019 Series F 2.25% RSNs due 2025. The RSN debt instruments and the stock purchase contract equity instruments are deemed to be separate instruments as the investor may trade the RSNs separately from the stock purchase contracts and may also settle the stock purchase contracts separately. The Corporate Units are listed on the New York Stock Exchange under the symbol DTP.

The stock purchase contract obligates the holder to purchase from DTE Energy on the settlement date, November 1, 2022, for a price of $50 per stock purchase contract, a certain number of shares of DTE Energy's common stock. As a result of the separation of DT Midstream in July 2021, there was a change in the settlement rates in the stock purchase contract to reflect the dividend of DT Midstream stock to DTE Energy shareholders. As adjusted for this change, anti-dilution adjustments to date, and subject to future anti-dilution adjustments, the following number of shares must be purchased:

•if the AMV of DTE Energy’s common stock, which is the average volume-weighted average price of DTE Energy’s common stock for the trading days during the 20 consecutive scheduled trading day period ending on the third scheduled trading day immediately preceding the stock purchase contract settlement date, is equal to or greater than $133.08, 0.3757 shares of common stock;

The RSNs bear interest at a rate of 2.25% per year, payable quarterly, and mature on November 1, 2025. The RSNs will be remarketed in 2022. If this remarketing is successful, the interest rate on the RSNs will be reset, and interest thereafter will be payable semi-annually at the reset rate. If there is no successful remarketing, the interest rate on the RSNs will not be reset. The holders of the RSNs would have the right to put the RSNs to DTE Energy at a price equal to 100% of the principal amount, and the proceeds of the put right would be deemed to have been applied against the holders’ obligation under the stock purchase contracts. DTE Energy may also redeem, in whole or in part, the RSNs in the event of a failed final remarketing.

The present value of the future contract adjustment payments of $150 million was recorded as a reduction of shareholders’ equity, offset by the stock purchase contract liability. The stock purchase contract liability is included in Current Liabilities — Other and Other Liabilities —Other on DTE Energy’s Consolidated Statements of Financial Position. On February 1, 2020, DTE Energy began paying the stock purchase contract holders quarterly contract adjustment payments at a rate of 4% per year of the stated amount of $50 per equity unit, or $2 per year. Interest payments on the RSNs are being recorded as Interest expense and stock purchase contract payments are being charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed Interest expense.

The treasury stock method is used to compute diluted EPS for the stock purchase contract. Under the treasury stock method, the stock purchase contract will only have a dilutive effect when the settlement rate is based on the market value of DTE’s common stock that is greater than $133.08 (the threshold appreciation price). At December 31, 2021, the stock purchase price contract was anti-dilutive and, therefore, not included in the computation of diluted earnings per share.

If payments for the stock purchase contract are deferred, DTE Energy may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, DTE Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs.

Until settlement of the stock purchase contracts, the shares of stock underlying each contract are not outstanding. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, DTE Energy will issue between 9.8 million and 12.2 million shares of its common stock in November 2022. A total of 13 million shares of DTE Energy’s common stock have been reserved for issuance in connection with the stock purchase contracts.

Selected information about DTE Energy’s equity units is presented below:


Issuance Date	Units Issued	Total Net Proceeds		Total Long-Term Debt		RSN Annual Interest Rate	Stock Purchase Contract Annual Rate	Stock Purchase Settlement Date	Stock Purchase Contract Liability(a)		RSN Maturity Date
(In millions, except interest rates)
11/1/19	26	$	1,265	$	1,300	2.25%	4.0%	11/1/2022	$	150	11/1/2025

(a)Payments of $50 million and $49 million were made in 2021 and 2020, respectively. The stock purchase contract liability was $51 million and $101 million as of December 31, 2021 and 2020, respectively, exclusive of interest.